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00:00HERMAN YEARS AGO AND THEN BROWN. I LOVE WHAT YOUR WIKIPEDIA SAYS. IN 1998 WHEN THE REPUBLIC OF KOREA X. LIQUIDITY PROBLEMS -- EXPERIENCED LIQUIDITY PROBLEMS, I REMEMBER THE SWEAT AND THE ABSOLUTE PANIC. WE HAVE GOT THE SAME SWEAT AND PANIC, YET NO ONE IS CALLING FOR A BILL RHODES-LIKE RESTRUCTURING FULL STOP I AM BAFFLED. WHY CAN'T THEY JUST RESTRUCTURE? WILLIAM: THERE IS NO DOUBT THEY WILL NEED DEBT RELIEF. I HAVE BEEN SAYING THIS FOR MONTHS ON THE SHOW AND OTHERS THAT WHEN YOU HAVE 180% DEBT TO GDP, WHICH ARE THE LATEST FIGURES OUT, THERE IS NO WAY THAT THEY CAN DO A DEAL OVERTIME TO BE SUCCESSFUL AND IMPLEMENTED WITHOUT SOME SORT OF DEBT RELIEF. ONE OF THE BIG PROBLEMS HAS BEEN THE ECB, WHICH BY THE WAY I HAVE TO GIVE A LOT OF CREDIT TO MARIO DRAGHI, WHO HAD PROBLEMS WITH HIS BOARD TO KEEP SHOVELING THE MONEY IN FOR THESE GREEK BANKS, BUT THEY HAVE NOT WANTED TO DO A DEBT RESTRUCTURING. WHAT YOU CAN DO IS TAKE THEIR DEBT AND PUT IT OVER TO THE EUROPEAN STABILITY MECHANISM, AND THEY THEN CAN RESTRUCTURE. TOM: THE INTEREST RATE OUT 25 YEARS, DETAILS THAT GUYS LIKE YOU WORKOUT, BUT THE THING I DO NOT GET IS CLEARLY GREECE IS IN DEPRESSION. PEOPLE ARE SUFFERING MAJORLY, AND WHENEVER THING IS THAT IS DONE, THERE HAS GOT TO BE A PARTY SAYING NO RESTRUCTURING. WHO IS THAT PARTY? WILLIAM: I THINK BRUSSELS DOES NOT WANT THE RESTRUCTURING. THE IMF HAS ONE OF THE RESTRUCTURING, AND ECB HAS BEEN AGAINST IT, BUT AS I SAID, YOU TAKE THE ECB FUNDS, THE BONDS THEY HOLD, AND YOU GET TO THE STABILITY MECHANISM, AND THEY RESTRUCTURE. VONNIE: I DO NOT THINK YOU NEED GERMAN BY IN, RIGHT? WILLIAM: I THINK GERMANS WILL BUY IN. TWO THINGS KEY TO MERKEL, ONE IS GREECE, AND THE OTHER IS GETTING SOME ARRANGEMENT ON UKRAINE. HER REPUTATION STANDS AND FALLS ON THESE. BRENDAN: BILL, HAS THERE BEEN A MOVE TOWARD ACTUAL RESTRUCTURING WHERE YOU LIGHTEN THE DEBT LOAD, A RESTRUCTURING ON THE CHEEK WHERE YOU EXTEND AND PRETEND? WILLIAM: WELL, YOU HAVE SEEN BOTH OF THESE HAPPEN, BUT I THINK YANIS VAROUFAKIS AND TS IPRAS ARE CORRECT IN SAYING ANY PLAN WE AGREE TO WILL NOT WORK OUT OVER TIME IN LESS YOU HAVE SOME DEBT RELIEF. IN LESS THEY ARE REALISTIC -- BABY IN BRUSSELS, THE IMF HAVE

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No Doubt Greece Will Need Debt Relief: Rhodes

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